Acton supports growth trajectory with 6 million dollar investment
Vancouver, Munich, 31 January 2012 – Canada-based Clio, the leader in cloud-based management tools for the legal industry, announced that it raised $6 million in its Series B round of financing from Acton Capital Partners, a Munich-based growth equity investor. In addition to the lead investor Acton, Berlin-based early stage investor Point Nine Capital, which first acquired a stake in Clio in early 2009, as well as several others of the existing investors, are taking part in the current financing round.
Founded by Jack Newton and Rian Gauvreau in 2007, Clio today employs approximately 50 people. The company sells its software service for attorneys through the website www.goclio.com. Clio is the leading web-based management tool for law firms in North America and is recommended by numerous bar associations. Using Clio, attorneys can conveniently conduct their core administration work – such as case/matter management, time tracking, billing/reporting and document management – and securely and efficiently communicate with their clients. Clio customers benefit from significant cost advantages compared to similar desktop software packages: users must simply pay a monthly subscription fee to use Clio; there is no high purchase price or follow-up costs for installation, maintenance and software updates. Based on cloud computing, Clio enables users to access and process their data from different locations and with various devices.
"We are delighted to welcome Acton on board as a partner in Clio’s continued growth. Acton’s experience in building globally recognized companies will help us deliver a best-in-class product to a worldwide client base," states Jack Newton, founder and CEO of Clio.
“Clio is managed by a highly motivated and experienced team. Thanks to an intelligent business model, the company is capturing a market that is very attractive, also from an international perspective,” Christoph Braun, Managing Partner of the new investor Acton, says in explaining the investment rationale. "We are excited that we can now jointly support Clio in becoming a success story. Clio is an excellent product for a large market of which only a small part has been tapped into so far," says Acton venture partner Boris Wertz. Mr Wertz is supporting Action's Internet investments in North America from his base in Vancouver. Clio is the first investment in North America made from Acton's Heureka Growth Fund.
"We are happy to have found a strong, experienced and innovatively thinking partner in Acton," says Christoph Janz, Managing Partner at Point Nine Capital. “Clio has now sufficient funding to ramp up to the next level of growth.”
About Clio:
Clio (www.goclio.com) is a comprehensive web-based practice management product specifically designed for solo practitioners and small-to-medium-sized law firms. Clio can be accessed using PCs and Macs as well as mobile devices including iPhone, iPad and other mobile devices. Secure and easy-to-use, Clio provides case/matter management, time tracking, billing/reporting, client contact and document management, task scheduling, trust accounting, and detailed reporting. Clio’s parent company, Themis Solutions Inc., is based in Vancouver, B.C./Canada, and was founded by Jack Newton and Rian Gauvreau in 2007.
Press Contact Clio:
Gwynne Monahan
Tel.: +1 888 858 2546-30; E-mail: gwynne@goclio.com
About Acton Capital Partners:
Acton Capital Partners (www.actoncapital.com) is an independent, partner-led growth equity investor in the internet and mobile communications sector. The investment focus of Acton’s Heureka Growth Fund, established in 2008, is consumer-oriented business models in media, e-commerce and online marketplaces. The Heureka Growth Fund’s current portfolio includes companies such as Glasses Direct, mytheresa.com and Yatego. The Acton team has also managed the corporate venture capital company of Hubert Burda Media, one of the leading German media groups. Investment success stories include AbeBooks, ciao.com, Etsy, HolidayCheck, Indochino and zooplus.
Press Contact Acton (Europe): Contact Acton (North America):
Anja Seipp Boris Wertz
Tel.: +49 89 2421887-22 Tel.: +1 604 561 6858
E-mail: press@actoncapital.de E-mail: bw@actoncapital.de
About Point Nine Capital:
Point Nine Capital – “The Angel VC” – is an early-stage venture capital firm based in Berlin, Germany. Point Nine Capital was launched in June 2011, when Team Europe announced that it would team up with serial entrepreneur and angel investor Christoph Janz to expand its investment activities and give them a new dedicated name. The fund, in operation as TEV Fund since end of 2009, has invested in more than eighteen businesses such as Cibando, myGengo, SponsorPay, StyleSeat, Unbounce and has a special focus on SaaS, lead generation, e-commerce and mobile startups. More information is available at www.pointninecap.com.
Press Contact Point Nine Capital:
info@pointninecap.com
